First things first: For those wondering if they need to reapply, the answer is no.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
CBDT chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
A step-by-step guide to preparing and registering online for viewing the credit of taxes you paid to the income tax department.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
A chore is always a bore. But this one's not even simple.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount.
On Aug 28-31, an average of 1.5 mn e-filed tax returns a day, against IRCTC's daily average bookings of 600,000 & Flipkart's 100,000.
Ask Tax Gurus Mihir Tanna, Mahesh Padmanabhan and Anil Rego.
No changes in the rates of personal income tax., which will remain as they are currently.\nNo new taxes on income.
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
India's hospitality sector is rolling out the red carpet for investors. A flurry of upcoming IPOs, or initial public offerings, the entry of new players, and ambitious expansion plans by Indian and global hotel brands are ushering in what could be the industry's most formalised era yet. Leading the charge are real estate titans, who are turning their hotel arms into global hospitality chains.
The average assets of an MP are now 345.8 times that of an annual income of a tax-filing individual, reports Sachin P Mampatta.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Transactions were allegedly not reported correctly in the tax returns for FY20.
The court directed the NHSRCL to file a correction statement within a month to the effect that the TDS deducted by it while paying the compensation amount to Patil was not liable to be deducted.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
The filing of audit reports was made mandatory in ITR Form 5, 6 and 7 after the tax department noticed discrepancies in filing of some returns along with audit reports.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Questions on the efficacy of the government's drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net, says A K Bhattacharya.
Guide to the new income tax return, ITR, forms Sahaj and Sugam to help you identify which ITR form to pick for filing your tax return in 2011.
The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.
Undisclosed income to the tune of Rs 90,000 crore (Rs 900 billion) was detected during 2013-14 in various searches and surveys conducted by the Income Tax department, a top official from the Central Board of Direct Taxes (CBDT) said.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
Nearly 150,000 salaried individual taxpayers will have to re-file their returns for the 2007-08 assessment year, as their returns went up in smoke during a recent fire in the income-tax office at Mayur Bhawan in Connaught Place.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
The case dates back to August 2017 when the Income Tax department had carried out searches at multiple premises in Delhi as part of its alleged tax evasion probe against Shivakumar, his alleged business associate and liquor trader Sachin Narayan, another associate Sunil Kumar Sharma who operated a fleet of luxury buses, Karnataka Bhawan (Delhi) employee A Hanumanthaiah and former state government employee and caretaker posted at the Karnataka Bhawan Rajendra N.
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